Lodge Hill Capital LLC Has $22.77 Million Holdings in Patrick Industries, Inc. $PATK

Lodge Hill Capital LLC boosted its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 13.9% in the first quarter, Holdings Channel.com reports. The firm owned 205,000 shares of the construction company’s stock after acquiring an additional 25,000 shares during the period. Patrick Industries makes up about 3.3% of Lodge Hill Capital LLC’s investment portfolio, making the stock its 14th largest position. Lodge Hill Capital LLC’s holdings in Patrick Industries were worth $22,769,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Patrick Industries by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 2,470,559 shares of the construction company’s stock worth $267,883,000 after buying an additional 16,959 shares during the period. Wellington Management Group LLP boosted its position in Patrick Industries by 19.9% during the 4th quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock worth $240,401,000 after acquiring an additional 367,802 shares during the last quarter. Capital Research Global Investors grew its stake in shares of Patrick Industries by 24.4% during the 4th quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock worth $123,342,000 after acquiring an additional 223,014 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Patrick Industries by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 819,488 shares of the construction company’s stock valued at $88,870,000 after purchasing an additional 4,816 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Patrick Industries by 17.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company’s stock valued at $81,205,000 after purchasing an additional 112,766 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Insiders Place Their Bets

In other Patrick Industries news, CFO Matthew S. Filer bought 1,000 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were purchased at an average price of $85.50 per share, for a total transaction of $85,500.00. Following the transaction, the chief financial officer directly owned 21,614 shares in the company, valued at approximately $1,847,997. This trade represents a 4.85% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jacob R. Petkovich purchased 1,300 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average cost of $95.57 per share, with a total value of $124,241.00. Following the purchase, the insider owned 46,290 shares of the company’s stock, valued at $4,423,935.30. This represents a 2.89% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 28,700 shares of company stock worth $2,532,880. 3.80% of the stock is currently owned by insiders.

Patrick Industries Trading Down 1.4%

Shares of NASDAQ:PATK opened at $86.62 on Thursday. Patrick Industries, Inc. has a 52-week low of $81.29 and a 52-week high of $148.50. The company has a market capitalization of $2.85 billion, a P/E ratio of 22.21 and a beta of 1.11. The company has a 50-day simple moving average of $87.55 and a 200 day simple moving average of $106.20. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The firm had revenue of $997.17 million for the quarter, compared to analyst estimates of $989.06 million. During the same quarter in the prior year, the company earned $1.11 earnings per share. The business’s revenue for the quarter was down .6% compared to the same quarter last year. Sell-side analysts forecast that Patrick Industries, Inc. will post 4.5 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, May 26th. Patrick Industries’s payout ratio is presently 48.21%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Roth Capital set a $128.00 price target on shares of Patrick Industries in a research note on Tuesday, May 5th. Raymond James Financial set a $108.00 price objective on Patrick Industries in a report on Friday, May 1st. BMO Capital Markets reaffirmed an “outperform” rating and issued a $150.00 target price (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Benchmark dropped their target price on Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Finally, KeyCorp dropped their target price on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, July 22nd. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus target price of $119.75.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.